Middle-market private equity firm Gryphon Investors said it is making a "significant" investment in high-performance work glove manufacturer Mechanix Wear Inc. in a deal scheduled to close in the fourth quarter.
Mechanix owner and CEO Michael Hale will keep a stake in the business. Jesse Spungin will become president and COO of Mechanix, leading the company's global sales, marketing and operations. Spungin was most recently president at Gryphon's previous portfolio company, K&N Engineering Inc. He succeeds Bari Waalk, who will step down as COO in December to explore new opportunities.
Gryphon said it will work with Hale to build a platform in the personal protective equipment space. The investment should help Mechanix advance its organic growth and drive product innovation, Dennis O'Brien, operating partner within Gryphon's consumer products and services group, said in a news release.
Valencia, Calif.-based Mechanix sells its automotive, construction, industrial and tactical hand protection products in more than 20,000 retail stores across about 70 countries and through industrial distributors.
EC M&A and Houlihan Lokey were Gryphon's financial advisers, with Kirkland & Ellis serving as its legal adviser. Doug Hood was financial adviser to Mechanix, and Stradling Yocca Carlson and Rauth was its legal adviser.
